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🥜 Bitcoin Tsunami
PLUS: Crypto Czar announced
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GM to all you crypto nuts. Crypto Nutshell #505 blowin’ in 🌬️ 🥜
We're the crypto newsletter that's more exhilarating than racing against dinosaurs on Isla Nublar... 🦖🚁
What we’ve cooked up for you today…
💪 Crypto Czar announced
🕌 Middle East buying Bitcoin?
📉 Exchange balances plummeting
💰 And more…
Prices as at 2:55am ET
CRYPTO CZAR ANNOUNCED 💪
BREAKING: Donald Trump appoints David Sacks to lead AI and crypto at White House
Big news!
Donald Trump just announced David Sacks as the “White House A.I & Crypto Czar”.
Trump posted the following statement to Truth Social late last night:
According to Trump, Sacks will lead the Presidential Council of Advisors for Science and Technology.
Sacks will also work on a legal framework for the crypto industry - with the goal of providing regulatory clarity. (Finally)
The appointment of David Sacks, in such an important role, is a breath of fresh air for the industry.
But that begs the question…
Who is David Sacks?
David Sacks is a member of the “PayPal Mafia”, a group of early PayPal employees who went on to form some of the biggest companies in Silicon Valley. (Tesla, LinkedIn, YouTube, the list goes on…)
After his time at PayPal, Sacks founded software company Yammer which was later acquired by Microsoft for $1.2 billion.
In 2017, Sacks founded Craft Ventures, a venture capital firm based in San Francisco.
Sacks has been a supporter of the crypto industry for a number of years. And interestingly Craft Ventures has both BitGo and Bitwise listed as portfolio companies.
Keep in mind, this role is a brand new addition to the White House.
Never before has the government had someone who’s role is to explicitly look after the crypto industry.
But as Trump says…
Sacks has the knowledge and business experience to ensure that the crypto industry thrives.
And we’ll finally be getting that regulatory clarity we’ve been looking for.
No more regulation by enforcement.
This is incredibly bullish for 2025. 🐮
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MIDDLE EAST BUYING BITCOIN? 🕌
This week, Saudi Crown Prince Mohammed Bin Salman touched down in Abu Dhabi on a private visit.
Immediately, rumours began. Bitcoiners started speculating he’s there to talk Bitcoin.
According to Bitcoiner Max Keiser? That’s exactly why he’s there.
If you didn’t know, Saudi Crown Prince Mohammed Bin Salman is effectively in charge of Saudi Arabia.
This week, it was confirmed by reporters that he had arrived in Abu Dhabi:
People immediately started guessing he’s there to talk Bitcoin.
Why?
One of the world’s biggest Bitcoin events - Bitcoin MENA 2024 - is set for December 9-10 in Abu Dhabi.
It’s the Middle East’s largest Bitcoin conference, with big-name speakers like Eric Trump & CZ.
Although the timing of Saudi Crown Prince Mohammed Bin Salman’s visit could be pure coincidence...
Max Keiser isn’t convinced:
Max Keiser is a true Bitcoin veteran. He first began buying Bitcoin in 2011, when it was just $1 per coin. 🤯
When it comes to Bitcoin, he knows his stuff.
The reason there’s so much speculation surrounding wether or not the Middle East is buying Bitcoin is simple:
They’re rich.
The Middle East is home to some of the largest sovereign wealth funds in the world:
UAE 🇦🇪 - $1.85 trillion
Kuwait 🇰🇼 - $980 billion
Saudi Arabia 🇸🇦 - $861 billion
Qatar 🇶🇦 - $450 billion
If one announces they have bought Bitcoin, others would likely follow.
If Max Keiser is correct, the floodgates to trillions of dollars of investment may soon be opening… 🌊
It would make a lot of sense for the Middle East to position itself ahead of a potential Bitcoin Strategic Reserve Bill from the United States. 🇺🇸
Bitcoin game theory is unfolding on a national scale, right in front of us. 🌍
EXCHANGE BALANCES PLUMMETING 📉
Today we’ll be checking in on the amount of Bitcoin available for sale on exchanges.
Here’s how to interpret this metric:
Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Currently there is 2,821,587 Bitcoin available for sale on exchanges.
That’s only ~14.26% of the entire circulating supply.
But here’s the crazy part…
This metric has been in complete free fall for the past 3 months.
Since September, exchange balances have decreased by ~213,474 BTC.
That’s $20.97 billion at today’s prices!
Typically as the price of Bitcoin sharply increases we see exchange balances increase.
Just look at the last cycle peak as an example.
But this times different…
This time investors are holding out for MUCH higher prices before letting go of their coins.
Put simply, there just isn’t that much Bitcoin available for sale right now.
CRACKING CRYPTO 🥜
Ripple addresses RLUSD New York delay, as XRP's growth fuels ecosystem hype. Despite Ripple's RLUSD launch setback, XRP ecosystem thrives with new trading highs within the past month.
Bitcoin Hits Milestone vs. Gold as Cycle Pattern Flags $120K by Year-End. The market price of bitcoin, priced in gold hit an all-time high of 39 ounces.
MicroStrategy's Bitcoin buys clock $17B profit. MicroStrategy's Bitcoin treasury is worth more than $40 billion after BTC surpassed $100,000 per coin.
Base reaches another all-time high with 8.8 million daily transactions on its network. Network fees hit a three-month high of $766,000 on Nov. 28, reflecting increased demand for block space.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
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Raremints (link) - Daily crypto news
Bitcoin Breakdown (link) - Twice weekly Bitcoin news
Crypto Pragmatist (link) - Actionable alpha 3x a week
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
Approximately, how often is the Bitcoin Halving? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) 4 years 🥳
Every four years, on the halving day, the amount of new Bitcoins created gets cut in half.
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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
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